MUSCAT: A symposium on digital payments held in Oman highlighted the importance of enhancing the efficiency and speed of electronic transactions, expanding the availability of digital payment services across businesses and strengthening public awareness of safe payment practices.
The event, organised by Bank Muscat in cooperation with the Central Bank of Oman (CBO), the Ministry of Commerce, Industry and Investment Promotion, the Consumer Protection Authority (CPA) and the Oman Banks Association, forms part of national efforts to accelerate digital transformation, promote financial innovation and build an integrated payments ecosystem in line with Oman Vision 2040.
Participants discussed ways to encourage wider adoption of electronic payments while ensuring consumers can benefit from secure, convenient and efficient payment channels. The symposium also stressed the importance of awareness campaigns to educate users on the advantages of digital transactions and the measures required to safeguard financial information.
The Central Bank of Oman presented two papers focusing on the development of the Sultanate of Oman’s payment systems and the national “Maal” card initiative, a strategic project aimed at strengthening the national payments infrastructure and improving economic efficiency.
The Ministry of Commerce, Industry and Investment Promotion highlighted the legal framework governing electronic payments and underscored the need for a comprehensive regulatory environment that supports innovation while protecting the rights of all stakeholders.
Meanwhile, the Consumer Protection Authority outlined its role in monitoring compliance among businesses, ensuring digital payment services are provided without additional charges, handling consumer complaints related to payment failures and coordinating with regulatory bodies to create a fair and secure payment environment.
Bank Muscat presented papers on the importance of digital payment solutions, including point-of-sale services and related technologies, as well as the latest security measures designed to protect electronic transactions and enhance operational efficiency across the banking sector. — ONA
Oman Observer is now on the WhatsApp channel. Click here
